Sherwin-Williams Paints Upside Surprise
The Cleveland-based pigments giant says sales volume offset a rise in raw materials costs.
Sherwin-Williams
(SHW)
boosted fourth-quarter guidance Wednesday, saying strong sales growth offset rising raw materials costs.
The Cleveland-based paint maker boosted its fourth-quarter earnings target to 57 cents a share from the previous 48-to-52-cent range. The company said quarterly sales rose 16.7% from a year ago to $1.5 billion, easing past the previous target of a low double-digit percentage sales gain.
Analysts surveyed by Thomson First Call had forecast earnings of 51 cents a share on sales of $1.44 billion.
Shares rose 58 cents in postclose action to $44.